Chinese-backed firms in America cannot own land near US military bases

U.S. President Joe Biden on Monday issued an order banning a Chinese-backed cryptocurrency mining firm from owning land near a military base in Wyoming, citing national security concerns.

The property that MineOne Partners Ltd. and its affiliates acquired in June 2022, now being used as a cryptocurrency mining facility, is located within one mile of the Francis E. Warren Air Force Base, which is home to Minuteman 3 intercontinental ballistic missiles, according to the White House.

MineOne is owned by Chinese nationals, according to the White House. Treasury Secretary Janet Yellen said in a statement, “Today’s divestment order underscores President Biden’s steadfast commitment to protecting the United States’ national security.”

With the president’s order, the firm and its affiliates are required to sell the property within 120 days and remove all structures and other physical objects on the site within 90 days.

The purchase of the real estate was not filed with the Committee on Foreign Investment in the United States, chaired by Yellen, according to the White House.

Although the order is relatively vague regarding Washington’s concerns, Biden said there is “credible evidence” that the entities “might take action that threatens to impair the national security of the United States.”

He said the proximity of the property to the base and the presence of specialized and foreign-sourced equipment are “potentially capable of facilitating surveillance and espionage activities.”

The powerful interagency committee, known as CFIUS, is in charge of examining certain foreign investment and real estate transactions in the United States and determining whether they pose national security threats.

CFIUS was investigating the case involving the Chinese-backed firm following a tip from the public, according to the White House.